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Glossary of Loan Types

Conforming Loan

Conforming loans are loans given for amounts that conform to government standards established by Fannie Mae and Freddie Mac.  Conforming loan amounts change every November based on the median price of homes sold that year.

Jumbo (Non-Conforming) Loan

Jumbo loans are loans given for amounts over "conforming" range or above the conforming loan limit at the time.

Government Loan

Government loans refer to those loans that are guaranteed by one of two federal agencies.  The two types of government loans are: Federal Housing Administration (FHA) loans and Veterans Administration (VA) loans.  The advantage of FHA loans are that they are easier to qualify for, and they allow a borrower to finance more of the loan amount than non-government loans.

Investment Property (Non-Owner Occupied) Loan

These types of loans are acquired for investment purposes.  Financing for investment properties can be achieved using any of the above described programs.  Typically, the rates for financing on investment properties are higher than owner-occupied homes.

Cash-Out Refinances

Occasionally, when refinancing a first trust, a borrower wants to "cash out" some of the equity accrued in the home.  Under specific conditions established by the lender, a borrower can actually receive a check for an amount of money that meets those conditions.  Cashing-out is not normally limited to any type of loan program.  It can be done with most of the described programs.

Equity Seconds

Equity seconds are second mortgages that use the equity you have in your house as the basis upon which a lender loans you money.  Most lenders will require an appraisal in order to establish your home’s equity value.  Borrowing with an equity second normally allows you to obtain a better rate because the loan is secured by the property you own.

Phone: 540-439-8890